How Late Does A Bill Payment Have To Be Before It’s Reported?

The notion of a late bill payment being reported to a credit bureau is one that concerns a lot of consumers. People don’t want a late bill payment being reported to a credit bureau because they simply forget about a payment, or were out of town and returned after a payment date, or were short of cash on the payment date but had the money the next day.

The truth is that a variety of factors go into whether or not a late bill payment is reported to a credit bureau by a creditor. There are official guidelines and unofficial acts that creditors engage in.

Industry guide for late bill payments being reported to credit bureaus

The Consumer Data Industry Association created the Metro 2 Credit Reporting Resource Guide in 1997, which is a standardized format and guide to report credit information. It meets all the standards of the Fair Credit Reporting Act, Fair Credit Billing Act, and Equal Credit Opportunity Act.

The guide provides for what amounts to two grace periods. The first grace period is from the day of the charge until the payment date. For credit cards, this is usually 21-25 days. Then the guide calls for a 30-day grace period, which begins on the day after the payment due date.

So you’re likely to have from 51 to 55 days from the day you make a charge until your late bill payment is reported to a credit bureau.

Due dates are still vital

However, that does not mean you should get lazy about the due dates, because creditors can still report you missing the payment date, which can harm your credit. If you then miss the 30-day grace period, you get reported again for being “30 days past due.” You’d get hit a third time for “60 days past due.”

Reality, however, may play out differently.

Reality check

A creditor wants good relationships with all his customers. There is usually competition for business, except in the case of things like public utilities. Consequently, a creditor doesn’t just want to report every single consumer to the credit bureaus just because they are a day or three late.

The same goes for things like late fees and interest. Those assessments just anger consumers. There’s a downside to being too hard-core, in that a merchant may drive away consumers.

On the other side, a late bill payment being reported to a credit bureau is an absolute necessity with consumers who are routinely late, or who have made a gigantic purchase and haven’t paid up.

How not to be late

You can avoid being late on payments by paying close attention to those due dates. You may want to create a spreadsheet or reminder list, which contains the name of your creditor, the amount due (if it’s the same monthly charge), and the due date.

You can also program a smartphone or use calendar apps to issue reminders.

The best choice is to have the creditor auto-debit your bank account for the payment each month. That way, you’ll never forget to pay.

Late payment image via Shutterstock

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How Late Does A Bill Payment Have To Be Before It’s Reported?

The notion of a late bill payment being reported to a credit bureau is one that concerns a lot of consumers. People don’t want a late bill payment being reported to a credit bureau because they simply forget about a payment, or were out of town and returned after a payment date, or were short of cash on the payment date but had the money the next day.

The truth is that a variety of factors go into whether or not a late bill payment is reported to a credit bureau by a creditor. There are official guidelines and unofficial acts that creditors engage in.

Industry guide for late bill payments being reported to credit bureaus

The Consumer Data Industry Association created the Metro 2 Credit Reporting Resource Guide in 1997, which is a standardized format and guide to report credit information. It meets all the standards of the Fair Credit Reporting Act, Fair Credit Billing Act, and Equal Credit Opportunity Act.

The guide provides for what amounts to two grace periods. The first grace period is from the day of the charge until the payment date. For credit cards, this is usually 21-25 days. Then the guide calls for a 30-day grace period, which begins on the day after the payment due date.

So you’re likely to have from 51 to 55 days from the day you make a charge until your late bill payment is reported to a credit bureau.

Due dates are still vital

However, that does not mean you should get lazy about the due dates, because creditors can still report you missing the payment date, which can harm your credit. If you then miss the 30-day grace period, you get reported again for being “30 days past due.” You’d get hit a third time for “60 days past due.”

Reality, however, may play out differently.

Reality check

A creditor wants good relationships with all his customers. There is usually competition for business, except in the case of things like public utilities. Consequently, a creditor doesn’t just want to report every single consumer to the credit bureaus just because they are a day or three late.

The same goes for things like late fees and interest. Those assessments just anger consumers. There’s a downside to being too hard-core, in that a merchant may drive away consumers.

On the other side, a late bill payment being reported to a credit bureau is an absolute necessity with consumers who are routinely late, or who have made a gigantic purchase and haven’t paid up.

How not to be late

You can avoid being late on payments by paying close attention to those due dates. You may want to create a spreadsheet or reminder list, which contains the name of your creditor, the amount due (if it’s the same monthly charge), and the due date.

You can also program a smartphone or use calendar apps to issue reminders.

The best choice is to have the creditor auto-debit your bank account for the payment each month. That way, you’ll never forget to pay.

Late payment image via Shutterstock

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Anatomy of the shoe

Source Article :  http://www.bubblews.com/news/5085605-anatomy-of-the-shoe
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Any shoe consists of different parts. And when the buyer knows the basic components of the shoe, that helps him to choose the right shoe from among thousands of species available in the market.
The part of the front, known as the shoe box or finger (toe box) provides space for the toes may be square or rounded or in the form of a triangle. This form determines the available space of the fingers, which are small and in a bad shoe ever made ​​triangular helping the emergence of problems toes may lead to long-term.
The soles of the shoe is made ​​up of an internal part (insole) and an external part (out sole). The outer part of the Earth is facing the inner part is the part that stands by the soles of the feet. In general, the more the shoe soles soft and flexible the greater its ability to absorb shock when walking, thus reducing the voltage module, which is under his foot. As part of the back and bottom of the shoe and known heeled shoe, it is known that whenever this was high heels.
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Source Article :  http://www.bubblews.com/news/5085605-anatomy-of-the-shoe

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Have You Heard of the Magnises Card?

Do you relish the idea of running in an exclusive social group? Is it essential to you that every item you own double as a status symbol? Most importantly: Are you a stylish and sophisticated young adult living in New York City?

If you answered yes to these questions, you need to know about the Magnises card – dig into the details below. But if you answered no the questions above, the information is still worth a look. You’ll likely be entertained at what you find!

What is the Magnises card?

The Magnises card is the pet project of Billy McFarland, a twentysomething college dropout from New Jersey. In 2013, he and a group of friends were discussing how exhilarating it would feel to carry a certain exclusive credit card, but recognized they’d have to wait a while to achieve the requisite income and status the card’s issuer demands.

Inspired, McFarland set about creating a flashy card that he and his young friends could access right away. The Magnises card hit the market shortly thereafter and is making a splash on the New York City social scene.

What do you get with the Magnises card? If you’re accepted (more on that in a minute), a $250 annual fee will get you:

• A black metal card you can use to make purchases


• Access to the Magnises townhouse, where you can hang out with fellow cardholders


• Restaurant, shopping and hotel perks at prime New York City venues


• Access to private drivers


• Access and recommendations to exclusive New York City bars and clubs


• Invitations to private events hosted by Magnises

Wondering where the card’s name comes from? McFarland explained in an article that ran in the New York Post:

“Magnises is Latin for absolutely nothing. … The name is made up, but it sounds grand, doesn’t it?’”

But remember: Magnises isn’t exactly a credit card

So far, the Magnises card probably sounds a lot like many of the other high-priced, elite credit cards out there. Just one thing, though: The Magnises card isn’t exactly a credit card.

The Magnises card isn’t tied to an issuing bank, nor does it operate on any of the major credit card networks. It’s simply a stand-in for your normal credit card; you copy your usual card’s information onto the Magnises card and can then use it anywhere that accepts plastic.

Consequently, you can essentially choose any credit card that fits your lifestyle, transfer it onto the Magnises card and hit the town. There’s something to be said for this type of flexibility, especially within the young, hip and diverse crowd Magnises is targeting.

Want a Magnises card? You’ll have to be “cool enough” to qualify

Since Magnises isn’t a conventional credit card, the process of applying and qualifying for the card is equally unconventional. Although you are asked to state your annual income and occupation, most traditional credit card application inquiries are omitted.

The Magnises team is more interested in your answers to some unexpected questions, which you fill in on a short online form. For example:

• What do you like to do for fun in NYC?


• What are your favorite restaurants in NYC?


• What are your favorite places to shop in NYC?

If the Magnises team likes your initial application, you move on to step two of the acceptance process, which is a phone interview. An article in the New York Times about the Magnises card explained:

“The vetting process could be likened to a fraternity or sorority week. … The final decision, Mr. McFarland said, is based on whether the rest of the group thinks you are cool enough.”

Although McFarland backpedaled on that statement, it’s clear that Magnises wants to keep membership limited to a small, ultra-hip crowd. Think you fit the bill? As of July 2014, there’s a long waiting list for the card – it never hurts to take a shot!

Writer’s note: My request for comment from the Magnises team went unanswered. It seems they take their “no nerds” stance literally!

Young wealthy people image via Shutterstock

Source Article :http://bit.ly/1nTzqXv

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Have You Heard of the Magnises Card?

Do you relish the idea of running in an exclusive social group? Is it essential to you that every item you own double as a status symbol? Most importantly: Are you a stylish and sophisticated young adult living in New York City?

If you answered yes to these questions, you need to know about the Magnises card – dig into the details below. But if you answered no the questions above, the information is still worth a look. You’ll likely be entertained at what you find!

What is the Magnises card?

The Magnises card is the pet project of Billy McFarland, a twentysomething college dropout from New Jersey. In 2013, he and a group of friends were discussing how exhilarating it would feel to carry a certain exclusive credit card, but recognized they’d have to wait a while to achieve the requisite income and status the card’s issuer demands.

Inspired, McFarland set about creating a flashy card that he and his young friends could access right away. The Magnises card hit the market shortly thereafter and is making a splash on the New York City social scene.

What do you get with the Magnises card? If you’re accepted (more on that in a minute), a $250 annual fee will get you:

• A black metal card you can use to make purchases


• Access to the Magnises townhouse, where you can hang out with fellow cardholders


• Restaurant, shopping and hotel perks at prime New York City venues


• Access to private drivers


• Access and recommendations to exclusive New York City bars and clubs


• Invitations to private events hosted by Magnises

Wondering where the card’s name comes from? McFarland explained in an article that ran in the New York Post:

“Magnises is Latin for absolutely nothing. … The name is made up, but it sounds grand, doesn’t it?’”

But remember: Magnises isn’t exactly a credit card

So far, the Magnises card probably sounds a lot like many of the other high-priced, elite credit cards out there. Just one thing, though: The Magnises card isn’t exactly a credit card.

The Magnises card isn’t tied to an issuing bank, nor does it operate on any of the major credit card networks. It’s simply a stand-in for your normal credit card; you copy your usual card’s information onto the Magnises card and can then use it anywhere that accepts plastic.

Consequently, you can essentially choose any credit card that fits your lifestyle, transfer it onto the Magnises card and hit the town. There’s something to be said for this type of flexibility, especially within the young, hip and diverse crowd Magnises is targeting.

Want a Magnises card? You’ll have to be “cool enough” to qualify

Since Magnises isn’t a conventional credit card, the process of applying and qualifying for the card is equally unconventional. Although you are asked to state your annual income and occupation, most traditional credit card application inquiries are omitted.

The Magnises team is more interested in your answers to some unexpected questions, which you fill in on a short online form. For example:

• What do you like to do for fun in NYC?


• What are your favorite restaurants in NYC?


• What are your favorite places to shop in NYC?

If the Magnises team likes your initial application, you move on to step two of the acceptance process, which is a phone interview. An article in the New York Times about the Magnises card explained:

“The vetting process could be likened to a fraternity or sorority week. … The final decision, Mr. McFarland said, is based on whether the rest of the group thinks you are cool enough.”

Although McFarland backpedaled on that statement, it’s clear that Magnises wants to keep membership limited to a small, ultra-hip crowd. Think you fit the bill? As of July 2014, there’s a long waiting list for the card – it never hurts to take a shot!

Writer’s note: My request for comment from the Magnises team went unanswered. It seems they take their “no nerds” stance literally!

Young wealthy people image via Shutterstock

Source Article http://ift.tt/1y39EC7

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UK Leads Europe in Credit Card Fraud — So Stay Safe in London

It’s widely known how oh-so-polite the British are, and that appears to extend into the area of credit card fraud. A study by ACI Worldwide found that 40% of Americans had experienced credit card fraud in the last five years, while only 28% of Brits experienced credit card fraud (10% more than once).

Is it that UK thieves are more polite? Probably not, because the UK still leads Europe in the credit card fraud department. The good news is that this number fell from 34% in 2012, and that likely has to do with the introduction of EMV cards.

EMV is short for “Europay, MasterCard and Visa.” In short, it stores your card data on a microchip rather than a magnetic strip. With skimmers, once the data gets lifted from the magnetic strip, the strip itself can be counterfeited and used to commit credit card fraud. It’s a whole different ballgame with the EMV chip. They are more difficult to copy, and a unique transaction code is generated for each use. EMV has worked extremely well in Europe. According to ATM Marketplace, an online trade publication that covers the space, skimming saw a 45% reduction since 2008 and is likely a reason for decreased UK fraud.

This is good news, but what kind of actionable steps can you take to protect your data if you are headed to the UK?

Don’t make yourself a target for credit card fraud

The first thing to know about the UK is that while it feels a lot like America, there is a European sensibility that permeates British culture, and that includes how criminals operate. They will not be polite. They will be more brazen and steal during the day as much as they will at night. Have you seen those movies, in which some poor tourist has her bag snatched off a café chair by a motorcycle thief? It happens.

Also, thieves are patient. They will hang out in known tourist spots, observe from a safe location, and then leap into action. They may operate in pairs or groups. Someone may bump into you, you turn right, and your pocket gets picked. British law enforcement is likely to assist, but don’t count on the law to recover your goods.

Be especially careful in crowds. With people jostling you back and forth, you won’t notice a quality pickpocket relieve you of your wallet or purse.

Stay alert at ATMs. UK ATMs are designed differently, and you don’t want to look confused while withdrawing money.

Technology isn’t always your friend

As much as we love technology, when traveling abroad, it can become your enemy.

While UK security is generally tight and effective, there are still plenty of ATMs that have been infiltrated with skimming devices. Internet cafes and wi-fi were introduced in the UK well before than in the United States, so thieves are more adept at jumping onto public networks and piggybacking on wireless networks. Be careful about using user names and passwords on financial transaction websites in public places.

Countermeasures to take

You should assume you will have your credit card stolen. So, be certain to have the phone numbers for all your financial institutions written down somewhere safe, and be sure you know how to dial a U.S. number from the UK.

Of course, that also means you should carry multiple cards with you. Keep them in separate locations – one in your suitcase, another in your wallet, another in your shoe – so that you’ll always have one in case something gets stolen.

Have emergency cash or traveler’s checks, and always use the hotel safe.

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Shuttered Rome Finance Gives Up $92 Million Owed by Soldiers

Colfax Capital, dubbed a predatory lender by the U.S. Consumer Financial Protection Bureau, agreed to forfeit $92 million in outstanding debts owed by 17,000 active-duty military personnel and other consumers in a settlement that effectively closed the business, better known as Rome Finance.

The California company and two of its owners are also permanently banned from the consumer lending industry, according to the bureau, which joined 13 state attorneys general in going after the operation.

“Rome Finance lured service members in with the promise of instant financing on expensive electronics, then masked the finance charges with inflated prices in marketing materials and later withheld key information on monthly bills,’’ Richard Cordray, the agency’s director, said in a statement. “Today, their long run of picking the pockets of our military has come to an ignominious end.”

Fleecing soldiers

The operation’s “business model was built on fleecing service members,” Cordray said. In some cases, the company sought to collect on illegal loans, the bureau said. Sometimes its agents complained to the commanding officers of the alleged delinquents about nonpayment of debts that didn’t exist. Often, the company worked with retailers that sold products using financing provided by the company, which hid the true lending costs from consumers, the bureau said.

A Colfax trustee also must also notify credit reporting companies that the service members and other consumers involved have satisfied their debts. Purchases included televisions, video games and computers, according to the agency. The statement doesn’t identify the retailers involved or any actions that may have been taken against them. It says consumers can keep the items they bought and should not make more payments.

Earlier fines

The business originally came to the attention of federal authorities in 2010, when New York State Attorney General Eric Schneiderman went after Rome Finance over lending practices involving retailer SmartBuy and soldiers stationed at Fort Drum, according to Holly Patreaus, the assistant director of the bureau’s office of servicemember affairs. That action led to $13 million in fines and settlements, she said in a blog posted on the agency’s website. Calling it a “chameleon-like” unlicensed lender, she said Rome later became Colfax, which, with its Culver Capital subsidiary, continued to target military personnel.

“Rome Finance’s contracts inflated the disclosed prices of the products to hide the true finance charges that the service members would have to pay, typically by military allotment,’’ Petreaus said. “This trapped service members in contracts that generated millions of dollars for the company and substantial debt for its customers.”

“The sad truth is that Rome Finance was not the first and will not be the last company to financially prey on the military community,” Petreaus said. She urged service members to be on guard against such scams and to use base resources to help them protect themselves.

Soldier image via Shutterstock

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